LM7-CH5 PP

What is risk in software projects?

An unwanted event or potential problem with probability between 0 and 1.

Risk is an unwanted [blank] or potential problem.

event

What is risk mitigation?

The reduction of risk.

Risk [blank] is the reduction of risk.

mitigation

What are the main steps of risk handling?

Identification, prioritization, mitigation, handling plan, (and monitoring, adjusting).

What are the steps in Boehm’s risk management breakdown?

Risk Assessment: Identification, analysis, prioritization

Risk control: management & planning, resolution, monitoring

What sources can identify risks in software projects?

Process/methodology/plan, product/artifacts, resources (people, tools).

T/F: Risk can be everywhere

TRUE

What plan-related risks should be checked?

Completeness, consistency/concreteness, accuracy,

For Project Management, we may focus risk identification on the _____ and _______ first

plan; people resource

What are risks related to methodology?

Estimation, design, prototyping, review, newness, lack of experience/understanding, excessive optimism.

Risks in methodology include lack of ________ and excessive ________.

experience; optimism

What are process-related risks?

Incomplete process definition, poor execution of process/methodology, lack of training, lack of enforcement.

What is a favorite citing of risk?

The schedule

Process-related risks include lack of training and [blank].

enforcement

What are artifact-related risks?

Not well specified, untested, not utilized.

T/F: Artifact-related risks include incomplete, extraneous, or inconsistent specifications.

TRUE

What are product-related risks?

Not well defined, scope creep, unclear or aggressive targets.

T/F: Scope creep is a top cause of product risk.

TRUE

What are people-related risks?

Skill gaps, availability, morale, teamwork.

What are tool-related risks?

Availability, new/untried tools.

What are time-related risks?

Excessive optimism, miscalculations.

What are finance-related risks?

Underfunding, untimely funds.

Finance-related risks include underfunding and timeliness of [blank].

funds

What is risk prioritization?

Ordering risks based on evaluation of cost and probability of recovery.

What factors decide risk priority?

Cost of recovery and probability of recovery.

T/F: A simple categorization of risk prioritization is high, medium, low.

TRUE

What approaches exist for risk mitigation?

Change/increase resources, improve methodology, reduce deliverables.

For any risk, there may be several approaches to mitigation; each with different associated _____; each with different potential of ______.

cost; success

T/F: As we identify approaches, we should list and characterize the “reasonable” mitigation approaches.

TRUE

What is mitigation value cost?

Probability of failure × mitigation cost.

Factors to consider in selecting the best risk mitigation approach:

cost, probability of success, possible others (cost of mitigation vs recovery)

What is performed next after risk mitigation approaches have been identified?

• Assign cost for each.

• Rank each by cost.

• Assess approaches by: cost alone OR mitigation value cost

How is mitigation allocation done under cost constraint?

• Allocate sequentially

• Allocate to maximize total risk value

• Allocate via maximizing number of risks covered

What should a risk mitigation plan include?

Prioritized items, chosen approach, expected removal date, dependencies, responsible person, as well as continuous monitoring

How should risks be monitored?

At regular intervals or during project status meetings.